erm, if the question requested the answer in formats like report, marks will be allocated in how the format presentation, not forgotten marks are allocated based on how well u structured your answers as well....

ya I also wan some F4 tips for malaysian variant..studying like crap now..

Anyone have tips for F6 (MYS) this coming monday paper either from lecture or own forecast ?

for malaysia variant students:
http://www.acca-success.com/ListProduct.as...A%20EXAM%20TIPS

it is a malaysian lecturer provider website,i think it includes marcus wong
all papers are included(unless i am mistaken)


good luck for acca exams

This post has been edited by icyblue: May 30 2009, 07:32 AM

Guys, got some tax questions here

1) Initial Allowance can be claimed if for asset purchased and disposed during the year, but there will also be drawback on allowance previous claimed unless commercial justification can be provided. So I include BA and BC in the same year?

2) When a company sells the goods to its branch in Thailand at RM650000 when the market price is RM700000, should the company include RM650000 or RM700000 in the gross income? (subsequently the company will sell the goods to Thai consumers at RM700000) Does transfer pricing applies here?

3) I don't really understand about interest restriction. S33(2) will not apply where the interest does not exceed RM6k for individuals and RM10k for companies. So what happens when interest restriction does not apply? The non-business portion be deductible as business expenses?

4) Can a normal trading business deduct legal expenses incur in renewing financial loan? I know that legal expenses incurred in obtaining first loan is not deductible as it secures an enduring advantage but what about subsequent renewal of the loans?

5) What if entertainment is provided mainly to employees, but it is also provided to suppliers at the same time, but main purpose of the entertainment (example, annual dinner) is for employees.

6) If the spouse has income, let's say from rental, but after deducting rental expenses, she ends up with Nil Total income, can she elect for Joint assessment with her husband?

Thanks

This post has been edited by karhoe: May 30 2009, 10:10 AM

1) If disposed in same year : your BA / BC will be restricted to the allowances claimed (Ie : IA of 20%). Since DG will apply for drawback if disposed within 2 years you cannot claim any allowances at all so you will compare QPE with DV. Should include BA & BC. Its bcos if you did not claim allowance & you get a BC of 30k then you will be taxed at 0 since restricted to allowances claimed which is also 0.

2) Transfer pricing applies when the subject of "control" exist which is 50%. Branch is normally included part of company operations (unless proven or stated otherwise) so CT applies by taking MV.

3) My P6 interest restriction is different from F6 so I cannot really comment here.

4) Subsequent renewal loan is revenue expenditure so its deductible along with incidental cost (Ie : legal fees)

5) If main purpose is for employees it is then assumed entertainment foremployee (even supplier also attend). However if they clearly separated the 2 exp or divided it into ratio the supplier entertainment is only 50% deductible.

6) Joint assessment will combine both husband & wife income at Total income. Before that you need to calculate them in 2 column then combine them at total income.

This post has been edited by Topace111: May 30 2009, 11:04 AM

Thank you !



Morning,

1) IA cannot be claimed during the year of disposal. but there will also be drawback/clawback on allowance previous claimed unless commercial justification can be provided. If there's a clawback, no balancing adjustment is to be calculated ! Means got clawback = dont have BC / BA

2) I think the company should include Rm70,000 in the gross income (company tax).

3) Interest restriction ? can tell me which chapter it is at ? never notice about this interest restriction existence. Thanks

4) Legal expenses incurred by a finance company in renewing existing loans - deductible
Legal expenses incurred by a trading or commercial company in renewing exisiting loan - not deductible

5) Entertainment expense - Main purpose - Staff - 100% deductible (even its majority is for staff and minor for suppliers/customers/shareholder/client). Main thing is staff main purpose of the expense then its 100% deductible, if not its just 50% of it.

6) To qualify for JA,the wife/husband(joining party) must have total income to be aggregated to their spouse (assessed party) [is it not relevant whether the assessed party has total income or not). Answer. NO.

1 , 2 , 5 im sure about my answer. 4, 6 - i refer to my notes

This post has been edited by ~Mew~: May 30 2009, 02:36 PM

my opinion ,

1) Clawback = BC . then later claim IA , AA .

2) use market value

3)i only know for biz = deductible , non-biz (investment) = not deductible , so the restriction is on the deductible biz portion.

4)i think can la for renewing financial loan .

5) 50% , for employees to entertain suppliers .

6) no total inc cannot opt for JA .

Non deductible legal and professional expenses
-Renewal of loan incurred by a trading or commercial company

Deductible legal and professional expenses
-Renewal of loans incurred by a finance company

Took from PR.

Anyone know which P6 relevant article in student accountant need to pay attention?

so far i only can find article for trust n settlement in Jan09 SA

for those who are taking ACCA exam, past or present i want to know your education background...i mean how do you ended up taking ACCA? is it that you straight take the CAT-ACCA and continue with ACCA or that you study until diploma and then take ACCA?? Please start after your SPM...

just finished my spm last year

I can't decide...wether to take Dip in Acc + degree both locally for 4 and 1/2 years or

take A-level locally for 2 years and continue to make a degree oversea for min 3 years...

im planning to have a degree first then go with ACCA.. is there any other path that i can take? CAT-ACCA is out since that the enrollment for the program has passed...



*sry for my bad eng.. *

Smth to ask....If i havent complete my ACCA..the highest qualification column in the job street, what should I put in? Professional degree (incomplete)?

Hey peeps, I got question regarding Leave Passage.

Let's say I take a leave passage for my wife and I, costing RM4,600 to Japan. As I know, there's exemption of RM3,000 for leave passage to places outside Malaysia.

The question is, is this exemption calculated per head? Me and my wife, so, our exemption is RM3,000 each. Say we spend RM2,300 (2300x2 = 4600) each, so is my leave passage is fully exempted?

Hi,
Total exemption is RM3000 (To be deducted from the highest outside msia) for outside malaysia regardless how many leave passage / heads.

Yup, but if you attached resume, write there ACCA (Part-completion) , it sounded better than incomplete

Acca is professional degree? I tot is professional cert...

P1 June 2009 exam.

Jusst sharing a thought here.

The 2009 March Student Acountant writes an article on Socal and Environmental Audit, by the P1 examiner. Could be a hint for the Section B.

regards.

Find the IPC, RDC & OHQ article, somewhere in april.

---

Added on May 31, 2009, 3:47 pmIf your first choice is acca then take cat-acca route.
If you want a degree first then it your own choice on how to pursue it.
For accounting profession its wise to have professional qualification instead of degree alone since global recognition is more widely regarded compared to degree. For course like law degree will suffice but need to apply for their own profession license. Thats why for law graduates they can only practice in their own country but accountant can practice anywhere even in foreign country.

When you want to find job you will face stiff competition since you will compete with other graduates for a position unless you have considerable work experience. Having professional qualifcation like acca give you a slight edge in terms of qualification hold. Other areas irrespective of your qualification can be your communication skills, charisma, contacts, capability,.....etc.

Accounting gives a strong foundation & versatility in penetrating other field as well which includes accouting firms, audit & taxation firms, investment firm, banking......etc. If you have degree wou will be measured based on your CGPA but acca grades student based on markings. It gives employer a transparent view on acca student performance compared to degree (that is on the assumption that you have never failed b4 or have good grades)

This post has been edited by Topace111: May 31 2009, 03:47 PM

assuming that i did take a degree,how many paper that ill be exempted?? an AFAIK starting spm last year i can skip P1&P2 for getting an A1 in Prinsip Akaun.

source

No la, only can skip P1 provided that you get A1 for your SPM, even that you have to pay for the paper you gain exemption, LOL.

As for the exemption for degree, you have to check here : http://www.accaglobal.com
In the link, look for exemption section, and select based on the course you attended, year of completion and from which university.
You will know which paper you get exemption .